The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1887-03-18

PREDIcrIoN OF q aPAuI0.--Wash: ~. March
9.-It is probable that the last Cn... oss will
have much to answer for in its failuc, TO reduo,
the surplus by cutting down tarif taxation.
III high government officials judgment is
to be trusted, the country is now upon the
eve Of financial panic, sure to be brought
abont by the arbitrary Withdrawal ofcurrency
through needless taxation, and the locking up
Of this money in the Treasury. This govern
ment official said to-day in private converse
tion: sr, -,
"There will be a financial stringeucy very
soon, which, in my judgment, will lead to a
panic. The constant accumulation OF money In
the Treasury without any form Of relief posi-
BILE after the frst Of tho fiscal year Is certain to
be followed by . crash. II may be tided over
to next Fall, but in my judgment the event is
not over two months away"
us there no way of avoiding this possible
-venti"
"No. Tho pinch Is now being felt. II Con-
gross were to DO assembled tomorrow, the
crash would come before they could get through
wraugling over o measure Of relief. Tho fail
ure Of the deficiency bill also adds 10 the COM
plications Of the present financial situation. In
that bill there was an appropriation to pay
for tho printing Of the issue Of tho silver certi-
ficates, in amounts Of one and two dollar notes.
That gave o reserve power Of relief to q dimin-
ishing circulation, which will soon be cut Oft
! altogether. Whether this financial stringency
can bs headed of until next Fall will depend
very much upon whom the President places at
the head OF the Treasury Mr.. Manning is
| retiring in good time. He has had oompara-
lively sunny weather, and is to be oongratula-
| ted upon his escape from the coming storm in
| dcated by this black surplus cloud.
This gentleman is not an alarmist He lis
| serious, grave man Of affairs, who understands
| the financial situation thoroughly. He Is COM
pelled TO study tho signs Of the times if for no
other reason than his own private interests,
| which are large.
If all the bonds now subject to call, amount
ing in round numbers to SAC. 900 900, are paid
off by the frst Of next July. then the Treasury
taxes, look up in the Treasury, and, roonse-
quently, withdraw from circulation, from So
OO0, 900 to $4,000, 900 month,
| 1t will not take any business man long to
/ estimate the results that must surely follow
such an arbitrary and abrupt contraction Of
the currency. The Cleveland administration is
| at the most critical period in its history. A
financial panic would mean hard times, and
| while Congress would como in for its share9lof
the burden Of the responsibility, yet the admin
istration would also be blamed. Tho President
could not avoid csnsure in not using the full
extent Of his great official power to have forced
the Democratic House to pass some measure Of
relief Tho President does not to-day compre-
hend the serious financial situation to its fullest
extent, but he has learned something Of il in
his canvass for Secretary OF tho Treasury.
Undoubtedly Speaker Carlisle refused to
consider taking the Treasury owing to his clear
knowledge Of the financial situation aud the
possibilities Of the future. In an interview
printed in last Mondays World he predicted
q severe financial stcingsncy no later than next
Fall.
Ifthe World correspondent could give tho
name Of the government official who believe,
that the financial stringency will como this
Spring, there would be no doubt in tho mind.
ofany one that the situation must be grave in
deem to warrant so positive a sensational state
ment from one, who, in financial matters, goes
to the very extreme Of conservatism.-Ne,o
| Yrrk World.